Open Link sets Tuesday launch for $375 million credit facility

By Sara Rosenberg

New York, Oct. 6 - Open Link Financial Inc. has scheduled a bank meeting for Tuesday morning to launch a proposed $375 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The facility consists of a $50 million revolver and a $325 million first-lien term loan, with price talk still to be determined, the source said.

First-lien leverage is expected to be 4.0 times based on adjusted pro forma Sept. 30 EBITDA.

Proceeds will be used to help fund the buyout of the company by Hellman & Friedman from the Carlyle Group.

Closing on the transaction is expected in the fourth quarter, subject to standard conditions.

Open Link is a Uniondale, N.Y.-based provider of cross-asset trading, risk management and operations processing software services.

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